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Actuarial Science Undergraduate Program

Degree: B.S.
Duration (Years): 4
Medium of Instruction: English

Actuarial Science Undergraduate Program

Actuarial science is the discipline that applies mathematical, statistical methods and financial concepts to assess risks in particular in insurance, finance and other industries and professions. Essentially ‘actuaries’ use statistics to predict uncertain events, such as, accidents, premature death and natural disasters. It is a joint program running together with Mathematics Department and Department of Banking and Finance, which provides highly qualified education with international academic staff, expert in their fields.

Why Actuarial Science ?

  • Actuary occupation takes its place among the first five occupations in top ten in terms of money, prestige and job satisfaction in the USA and in Europe.
  • In U.S. News & World Report’s 2017 ranking of 26 Jobs with the Most Job Security, actuaries (with a median annual salary of $97,070) came in at No. 23.
  • According to the Bureau of Labor Statistics, employment of actuaries is projected to grow 22 percent from 2016 to 2026, much faster than the average for all occupations.
  • The first Actuarial program in TRNC.
  • The first Actuarial Science Program in Turkey, in the medium of English language.
  • According to the “Actuarial Regulations” in Turkey, every insurance company operating in the life branch has to operate an actuary registered with Actuarial Registry.

Academic Staff

The program is conducted by a well equipped academic staff including:

  • 13 professors (5 in mathematics, 3 in computer sciences, 5 in banking and finance)
  • 5 associate professors (2 in mathematics, 3 in banking and finance)
  • 12 assistant professors (10 in mathematics, 2 in banking and finance)

Facilities

  • 3 computer laboratories : 25 client computers in each serving to our students for their practices on different subjects.
  • Trade master lab: a platform to monitor and experience financial transactions
  • Research laboratory: It is equipped with three powerful i7 systems and one Linux system. The systems enable the use of the latest versions of program packages such as Matlab, Maple, Mathematica, Visual Studio, SPSS, Minitab, Eviews, Fortran, R and R studio etc.

Contact Information

Tel: +90 392 630 1227
Fax: +90 392 365 0416
E-mail: math@emu.edu.tr
Web: https://math.emu.edu.tr

Degree: B.S.
Duration (Years): 4
Medium of Instruction: English

Curriculum

Course Code Course Title Semester Credit Lecture Hour (hrs/week) Lab (hrs/week) Tutorial (hrs/week) ECTS
Semester 1
MATH151 Calculus - I
Limits and continuity. Derivatives. Rules of differentiation. Higher order derivatives. Chain rule. Related rates. Rolle's and the mean value theorem. Critical Points. Asymptotes. Curve sketching. Integrals. Fundamental Theorem. Techniques of integration. Definite integrals. Application to geometry and science. Indeterminate forms. L'Hospital's Rule. Improper integrals. Infinite series. Geometric series. Power series. Taylor series and binomial series.
1 4 4 - 1
ECON101 Introduction to Economics - I
Elementary microeconomics. The economic problem. Supply and demand. Elasticity. Marginal analysis of consumers' and firms' behavior. The theory of profit maximization. Analysis of markets. Pricing in competitive and non-competitive markets
1 3 3 1 -
MGMT101 Introduction to Business - I
Understanding the business system. Understanding the global context of business. Conducting business ethically and responsibly. Entrepreneurship and the small business. Managing the business enterprise. Organizing the business enterprise.
1 3 3 - -
COMP183 Fundamentals of Computer Science - I
Organization of a digital computer. Number systems. Algorithmic approach to problem solving. Flowcharting. Concepts of structured programming. Programming in at least one of the programming languages. Data types, constants and variable declarations. Expressions. Input/output statements. Control structures, loops, arrays.
1 4 3 2 -
ENGL181 Academic English - I
ENGL 181 is a first-semester freshman academic English course. It is designed to help students improve the level of their English to B1+ level, as specified in the Common European Framework of Reference for Languages. The course connects critical thinking with language skills and incorporates learning technologies such as IQ Online. The purpose of the course is to consolidate students’ knowledge and awareness of academic discourse, language structures, and lexis. The main focus will be on the development of productive (writing and speaking) and receptive (reading) skills in academic settings.
1 3 5 1 -
ENGL191 Communication in English - I
ENGL191 is a first-semester freshman academic English course. It is designed to help students improve the level of their English to B1+ level, as specified in the Common European Framework of Reference for Languages. The course connects critical thinking with language skills and incorporates learning technologies such as IQ Online. The purpose of the course is to consolidate students’ knowledge and awareness of academic discourse, language structures, and lexis. The main focus will be on the development of productive (writing and speaking) and receptive (reading) skills in academic settings.
1 3 3 1 -
HIST280 Atatürk İlkeleri ve İnkilap Tarihi 1 2 2 - -
TUSL181 Turkish as a Second Language 1 2 2 - -
Semester 2
MATH152 Calculus - II
Vectors in R3. Lines and Planes. Functions of several variables. Limit and continuity. Partial differentiation. Chain rule. Tangent plane. Critical Points. Global and local extrema. Lagrange multipliers. Directional derivative. Gradient, Divergence and Curl. Multiple integrals with applications. Triple integrals with applications. Triple integral in cylindrical and spherical coordinates. Line, surface and volume integrals. Independence of path. Green's Theorem. Conservative vector fields. Divergence Theorem. Stokes' Theorem.
2 4 4 1 -
MATH106 Linear Algebra
Cartesian coordinate system; Linear equations and lines, system of linear equations, quadratic equations, functionsSelected application to economics and accounting. Matrices, determinants, systems of linear equations and their solutions using Cramer's Rule. . Set theory, counting theory, discrete probability. Descriptive statistics
2 3 3 1 -
ECON102 Introduction to Economics - II
Elementary macroeconomics. Determination of national income. The role of government. The banking system. Problems of inflation, unemployment and growth.
2 3 3 1 1
ACTS102 Principles Of Insurance And Actuary 2 3 3 - 1
ENGL182 Academic English - II
ENGL182 is a second-semester freshman academic English course. It is designed to help students improve the level of their English to B2 level, as specified in the Common European Framework of Reference for Languages (CEFR). The course connects critical thinking with language skills and incorporates learning technologies such as IQ Online. The purpose of the course is to consolidate students’ knowledge and awareness of academic discourse, language structures, and lexis. The main focus will be on the development of productive (writing and speaking) and receptive (reading) skills in academic settings.
2 3 5 1 -
ENGL192 Communication in English - II
ENGL192 is a second-semester freshman academic English course. It is designed to help students improve the level of their English to B2 level, as specified in the Common European Framework of Reference for Languages. The course connects critical thinking with language skills and incorporates learning technologies such as IQ Online. The purpose of the course is to consolidate students’ knowledge and awareness of academic discourse, language structures, and lexis. The main focus will be on the development of productive (writing and speaking) and receptive (reading) skills in academic settings.
2 3 3 1 -
Semester 3
MATH203 Ordinary Differential Equations
Ordinary differential equations of the first order; separation of variables, exact equations, integrating factors, linear and homogeneous equations. Special first order equations; Bernoulli, Riccati, Clairaut equations. Homogeneous higher order equations with constant coefficients. Nonhomogeneous linear equations; variation of parameters, operator method. Power series solution of differential equations. Laplace transforms. Systems of linear differential equations.
3 3 3 1 -
ACCT201 Principles of Accounting - I
Basic concepts of accounting. Fundamentals of bookkeeping. Recording transactions in journal and ledger books. Principles underlying the balance sheet and income statement. Preparation of financial statements. Income measurement.
3 3 3 1 -
STAT201 Statistics - I
The course familiarizes students with the basic concepts and techniques in statistics. The course will focus on descriptive statistics and a brief introduction to inferential statistics. Scope of statistics, descriptive and inductive statistics, measures of central tendency and measures of dispersion. Probability, sampling, estimation
3 3 3 1 -
ACTS201 Principles Of Life Insurance 3 3 3 - 1
MGMT201 Principles of Management
Analyzes the role of the manager in organizations. Topics include: culture and ethics; decision making; planning; organizing; human resources; motivation; and controlling.
3 3 3 - -
Semester 4
ACTS202 Actuarial Mathematics 4 3 3 - 1
MATH222 Financial Mathematics 4 3 2 2 -
ACTS204 Insurance Accounting 4 3 3 - 1
MATH322 Probability and Statistical Methods
Introduction to probability and statistics. Operations on sets. Counting problems. Conditional probability and total probability formula, Bayes' theorem. Introduction to random variables, density and distribution functions. Expectation, variance and covariance. Basic distributions. Joint density and distribution function. Descriptive statistics. Estimation of parameters, maximum likelihood estimator. Hypothesis testing.
4 3 3 1 -
UE01 University Elective - I 4 3 3 - -
Semester 5
MATH324 Statistics
Introduction to statistics. Basic methods of working with observation data, histogram and ogive Descriptive statistics. Estimation of parameters, maximum likelihood estimator. Hypothesis testing. Linear regression.
5 3 3 1 -
ACTS205 Insurance Law 5 3 3 - -
FINA301 Financial Management
Introduction to financial management, time value of money; corporate investment appraisal; capital structure decisions; the cost of capital; short-term and long-term financing; dividend policy and working capital management. It also includes, net present value and other investment criteria.
5 3 3 1 -
ACTS305 Non Life Insurance 5 3 3 - -
COMP301 Insurance Software Applications 5 3 2 2 -
UE02 University Elective - II 5 3 3 - -
Semester 6
MATH326 Stochastic Analysis 6 3 3 - 1
MATH348 Regression Analysis 6 3 3 - 1
FINA308 International Finance
This course studies the global financial environment. It mainly examines the international monetary system, exchange rate regimes occurred in the past starting with gold standard, and then fixed and fluctuating exchange rates; contemporary exchange rate regimes, exchange rate determination, international financial markets and transactions in foreign exchange markets in which banks and bankers are more likely to encounter in their usual operations. Major areas covered include globalization process of financial environment, exchange rate determination, balance of payment, foreign currency derivatives and other hedging activities against foreign exchange risks through international financial instruments.
6 3 3 - -
FINA302 Money and Banking
This course presents the students underlying economic explanations for why the financial system is organized as it is and to teach them functions of the financial system in the economy. It focuses on the role of interest rates, financial markets and institutions.
6 3 3 - -
FINA325 Investments
The main objective of the course is to give students an introductory understanding of capital markets and financial instruments. We will focus on three modules, which are equity markets, fixed income markets, and derivative markets (options and futures). The course covers the following major topics: elements of Investments, fixed-income securities and security analysis.
6 3 3 1 1
UE03 University Elecitive - III 6 3 3 - -
BANK400 Internship
Students are required to complete a 4 week internship at a financial institution, as approved by the Chair of the Department.
6 No-Credit - - -
Semester 7
ACTS401 Risk Theory 7 3 3 - -
ACTS302 Reinsurance 7 3 3 - -
COMP411 Data Mining 7 3 3 - 1
AE01 Area Elective I 7 3 3 - -
AE02 Area Elective II 7 3 3 - -
Semester 8
FINA416 Portfolio Management
The main objective of the course is to give students an introductory understanding of modern portfolio management and its implications for investment management and the pricing of assets. The course covers the following major topics: portfolio theory, efficient diversification, pricing models, mutual funds and investment Companies.
8 3 3 1 1
FINA462 Financial Modeling
The aim of this course is to improve students’ financial modeling skills by constructing spreadsheet models.
8 3 3 - 1
AE03 Area Elective III 8 3 3 - -
FINA418 Behavioral Finance 8 3 3 - -
AE04 Area Elective IV 8 3 3 - -

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